Baird analyst David George upgraded American Express (AXP) to Neutral from Underperform with an unchanged price target of $265. The firm says the persistent selloff in the broader market makes it difficult to remain pessimistic on American Express’ “high-quality franchise.” The company should be able to deliver on lower revenue growth expectations in most operating environments, as a potential slowdown in consumer spend should support better loan growth while the currency environment has improved intra-quarter, the analyst tells investors in a research note. Baird now finds the stock’s risk/reward as balanced.
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